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Possible Bearish Inside Day Candle Pattern Detected for United Rentals (NYSE:URI)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in United Rentals (NYSE:URI) based on the price action in the company's shares. Yesterday's price range of $118.26 and $119.38 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of United Rentals may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

United Rentals, Inc., through its subsidiary, is an equipment rental company operating a network of locations in the United States and Canada. The Company serves the construction industry, industrial and commercial concerns, homeowners, and other individuals.

United Rentals has overhead space with shares priced $119.38, or 38.8% below the average consensus analyst price target of $195.07. The stock should find initial resistance at its 50-day moving average (MA) of $126.02 and further resistance at its 200-day MA of $129.12.

United Rentals share prices have moved between a 52-week high of $173.00 and a 52-week low of $94.28 and closed yesterday at 27% above that low price at $119.38 per share. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 0.2%.

SmarTrend recommended that its subscribers protect gains by selling shares of United Rentals on May 9th, 2019 by issuing a Downtrend alert when the shares were trading at $131.27. Since that call, shares of United Rentals have fallen 7.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle united rentals

Ticker(s): URI